Money transfer systems and methods for travelers

ABSTRACT

One method involves payment of money to a recipient traveling to one or more foreign countries by entering into a remote computer money transfer information from a sender. The money transfer information comprises recipient identification information, at least one country where the money is to be received, and a payment amount in an originating currency. The money transfer information is transmitted to a host computer system. When ready to receive payment in the designated country, recipient identification information along with a request to withdraw a portion of a possible payment amount is entered into a payout computer. The recipient identification information and the request to withdraw is transmitted to a host computer system, and the requested withdrawal is provided to the recipient in the local currency.

CROSS-REFERENCES TO RELATED APPLICATIONS

[0001] This application is a continuation in part application and claimsthe benefit of No. 10/040,568, filed Jan. 4, 2002, which is acontinuation in part application of U.S. patent application Ser. No.09/427,249, filed Oct. 26, 1999; No. 09/975,171, filed Oct. 10, 2001,entitled “Method and System for Performing Money Transactions”, and No.10/037,827, filed Jan. 3, 2002, entitled “Methods for ReceivingElectronically Transferred Funds Using an Automated Teller Machine”, thecomplete disclosures of which are herein incorporated by reference.

BACKGROUND OF THE INVENTION

[0002] The present invention relates generally to computer-implementedtransfer systems including systems and methods for introducinginformation to and receiving information from a computer-implementedtransfer system. More specifically, the invention relates totransferring value and/or messages associated with the value via acomputer-implemented transfer system.

[0003] Various mechanisms exist for transferring information across acomputer network. For example, email may be sent from one person toanother across a computer network or money may be transferred across acomputer network from one account to another. However, each of theexisting transfer mechanisms require both a sender and a receiverinvolved in the transfer to have access to a common transfer medium.Thus, as an example, to transfer information across an email system boththe sender and receiver must have access to an email account. Similarly,to transfer money from one account to another both the receiver and thesender must have accessible accounts. In many instances, the receiverand the sender do not have access to common systems and therefor mustuse alternative means to transfer information including, for example,the United States postal system.

[0004] Furthermore, even where both the receiver and the sender shareaccess to a common transfer medium, use of the medium is oftencumbersome causing senders to use alternative means to transferinformation and/or value. For example, a business and its suppliers mayboth have bank accounts making a money transfer possible, however, it istypical for a business to issue checks and send them through the UnitedStates postal service to pay the suppliers.

[0005] Thus, there exists a need in the art to increase accessibility toprovide increased access to computer-implemented transfer systems andreduce the cumbersome nature of such transfer systems. These and otherdeficiencies in the prior art are addressed by the present invention.

BRIEF SUMMARY OF THE INVENTION

[0006] The invention provides a wide variety of money transfer systems,components of such money transfer systems, and methods forelectronically transferring money. Broadly speaking, the inventionpermits money to be received in some form and then electronicallytransferred to another location where it is available for pickup. A widevariety of systems and techniques may be used to access the moneytransfer system, to provide the money to the money transfer system totransfer the money, and to pay out the transferred money to a recipient.

[0007] For example, the money transfer system may be accessed by walkinginto a money transfer or provider location and tendering payment, usinga telephone to contact an IVR system or a customer servicerepresentative, over the Internet using any type of device capable ofcommunicating over the Internet, including personal computers, cellphones with browsers, PDAs and the like. Conveniently, payment may betendered in cash, by credit card, debit card, stored value cards,including smart cards, using an Automated Clearing House (ACH) transferfrom a bank account, using a cash card that is presentable at a providerterminal or point of sale device to receive cash, and the like. Therecipient may be paid by cash, check, by crediting a bank account,crediting of a stored value card, and the like. Further various paymenttechniques may be used, such as in person at a money transfer location(i.e. an entity working on behalf of a financial institution to transferfunds), by an ACH transfer to a bank account, by a Fed wire to a bankaccount, using ATMs, kiosks, stored value cards, automated checkprinters, and the like.

[0008] One particular method involves the use of stored value accountthat may be used, for example, to make internet payments, and that canbe credited using a variety of payment techniques. Such a methodinvolves receiving money at a money transfer location from a potentialpurchaser. The money is then stored as an electronic record in a storedvalue account of the purchaser. This money is then available fortransfer at the request of the purchaser. Upon such a request, the moneymay be electronically sent to a recipient and the stored value accountmay be debited.

[0009] For example, the money transfer location may include a devicethat is communicable with a host computer so that the stored valueaccount may be stored in the host computer. The purchaser may then makethe request to transfer money using any type of computer that maycommunicate with a server computer over the Internet. In this way, apurchaser who wishes not to provide financial information over theInternet may create a stored value account using traditional techniques,such as making a cash payment at a money transfer location. These fundsare then available to be used over the Internet without disclosingfinancial information.

[0010] By permitting funds to be received at a money transfer location,a variety of payment types may be used. For example, payments may bemade by cash, checks, credit cards, debit cards, and the like.

[0011] The invention provides another method for transferring money froma sender to a recipient while permitting the recipient to receive themoney in a variety of payment forms and/or at different times. Accordingto the method, money is received from the sender (e.g., at a moneytransfer location) along with information on the recipient that is toreceive the money. An electronic record of the money and the intendedrecipient is created, and the recipient is provided with various paymentoptions for receiving the money. The recipient then requests paymentusing one or more of the payment options, and payment is made accordingto the requested payment option. An electronic record of the payment isalso created.

[0012] Examples of payment options include a cash pick up at a providerlocation, a hand delivery to the recipient in cash, a hand delivery tothe recipient in a money order, a crediting of an account of therecipient, a debit or stored value card, and the like. Further, therequest to receive the payment may be made in a variety of ways, such asby a telephone request, by a computer request over a network, by aletter, by an in-person visit, by a voice response unit request, by apersonal digital assistant request, and the like.

[0013] In one aspect, the card comprises a closed-loop debit card. Sucha debit card may be used at any location that is configured to acceptsuch a card. For example, the debit card may comprise an anonymous debitcard, e.g. one associated with MasterCard, VISA, Discover, and the like,that is initialized when the request for payment by the recipient ismade. As another example, the debit card may comprise a stored valuecard that is loaded with a record of the value upon request for paymentby the recipient. As a further example, the debit card may comprise aphone card or an internet cash card. These cards may be loaded withphone minutes or other value as payment to the recipient.

[0014] When issuing a card at the time of payment, the debit card may beinitialized using a point of sale device to associate an account of thedebit card with the electronic record of the money. As an alternative, areceipt may be printed with a point of sale device that has accountinformation that is associated with the electronic record of the money.In some cases, the receipt may be used in place of the debit card. Forexample, the receipt may include an identifier that may be used whenmaking internet purchases. As another example, the receipt may comprisea sticker having the account information that is placed onto a debitcard.

[0015] The transferred money may be deposited into a wide variety ofaccounts. For example, the money may be transferred into a bank accountof the recipient upon presentment of an account number or a MICR numberfrom a check of the recipient. As another example, the money may bedeposited into an on-line funds account, such as an on-line moneytransfer account, an on-line bank account, an on-line investmentaccount, an on-line auction account, and the like. As a further example,the money may be transferred into a bank account of the recipient byproviding a debit card and performing a reverse or return transactionusing a point of sale device. As yet another example, the recipient mayreceiver a sender key and a confirmation code from the sender. Thisinformation may be input into an appropriate ATM or kiosk device toreceive the transferred money.

[0016] When using a point of sale device to pay to accounts using anaccount number, a variety of equipment may be used. For example, theaccount information may be obtained from a MICR reader that reads a MICRline from a check of the recipient, a mag stripe card reader that readsa mag stripe from a card of the recipient, a keypad that permits manualentry of the account information, an OCR scanner or imager that readsthe account from a statement of the recipient, a biometrics device thatidentifies a pre-registered recipient who is tied to the account, andthe like.

[0017] In one aspect, the recipient may be provided with a list of feesassociated with each type of payment option. Such a method also allowsfor the splitting of transaction costs between the sender and therecipient. For example, the sender may pay all or part of thetransaction fees and the recipient may pay all or part of thetransaction fees in any proportion. Further, the payment of transactionfees may be decided solely by the sender, by the recipient, or by mutualagreement.

[0018] The recipient may also be provided with the option of receivingportions of the money at different times. In this way, the recipientdoes not need to pick up the transferred money at a single time. If therecipient requests payment of the money at multiple times, an electronicrecord may be made for each partial payment. Further, transaction feesmay be deducted each time a partial payment is made.

[0019] Conveniently, the recipient may be sent a message with thepayment options. This message may be an e-mail, a letter, a telephonecall, a facsimile, a telegram, or the like.

[0020] As one specific example of such an embodiment, the inventionprovides systems and methods for transferring money to a recipient thatis traveling in one or more foreign countries. The recipient maywithdraw the funds in partial payments that are in the local currency.The money may be input into the system using a remote computer, such asone that is located at a money transfer location. Along with thepayment, other information may be entered, such as recipientidentification information, one or more countries where the money is tobe received, the payment amount, and the like. This information may betransmitted to a host computer system. When ready to receive a paymentin one of the designated countries, a recipient proceeds to a payoutlocation having a remote computer that may communicate with the hostcomputer system. Information such as the recipient's identificationinformation and a payout amount is entered into the remote computer fortransmission to the host computer system. If accepted, the recipient maybe paid the amount in the local currency. The host computer system mayalso calculate any fees and reduce the remaining principal by thatamount. Further, the host computer system may keep a record of thetransaction including the exchange rate used when converting to thelocal currency.

[0021] In a further embodiment, the invention provides a method fortransferring money from a sender to a recipient by receiving money fromthe sender along with information on the recipient that is to receivethe money. The sender also indicates that the money is to be stored on astored value card. An electronic record of the money and the intendedrecipient is also created. When ready to receive the money, therecipient makes a request, and a stored value card is generated havingthe value of the money. An electronic record of the payment is alsoelectronically stored.

[0022] The invention further provides an exemplary system and method forfacilitating the transfer of value. According to the method, a hostcomputer system is employed to receive a request from a sender totransfer value. This request may be transmitted from a remote computeror point of sale device. The host computer system is in turn employed totransmit a computer readable document back to the remote computerrequesting information on the requested transfer. Alternatively, theremote computer may be configured to prompt the sender for suchinformation without accessing the host computer system. The requestedinformation is received back at the host computer system that in turndetermines one or more options for transferring the value based on thereceived information regarding the transfer. The host computer systemmay then transmit a computer readable document containing at least oneof the options to the remote computer. In this way, a sender is able toprovide information on a transfer request and receive back a recommendedway to transfer the value.

[0023] As one specific example, such a process may be used for billpayment services. For instance, a customer may request to pay a bill andprovide information on their account as well as a payment instrument.The payment instrument may be evaluated during a pre-authorization stepto insure funds are available. Further, based on the payment instrumentprovided, a list of possible payment options may be displayed at theremote computer. For example, the customer may have the option of payingby a real time guaranteed funds payment, such as by cash, a credit cardpayment, a debit card payment, a PIN-less debit card payment, an ACHpayment, a payment by check, or the like. Further, fees associated witheach option may be displayed to the customer.

[0024] To provide a recommended transfer technique, the host computersystem may request a variety of information on the transfer. Forexample, such requested information may include personal informationabout a recipient of the value, value receiving interfaces available toa recipient of the value, pick-up locations available to the recipientof the value, and the like. The host computer system may select arecommended transfer option from a wide variety of options. Such optionsmay include, for example, a transfer to a money handling location, atransfer to a financial kiosk, a transfer to a cash dispensing machine,a transfer to a financial account, a transfer by way of a negotiableinstrument, a transfer to a stored value card, and the like. In somecases, the host computer system may transmit a computer readabledocument containing a list of all possible options for transferring thevalue. In this way, the sender may simply select one of the options.

[0025] A further embodiment of the invention provides a system andmethod for transferring value where certain restrictions may be placedon the transfer. According to the method, a host computer system isemployed to receive a request to transfer value to multiple recipientsalong with one or more restrictions about how the value may be receivedby the recipients. The host computer system may also receive a requestto provide the value to one or more of the recipients. The host computersystem may then be employed to determine the manner of the transferbased on the restriction.

[0026] Hence, based on the restriction, the transfer may be made. Thismay occur, for example, by transmitting a computer readable documentfrom the host computer system giving instructions on how to pay out thevalue according to the restriction. Also, the host computer system mayreceive and stored information on how the value was provided to therecipients so that a record of the manner of payment may be made.

[0027] The sender may utilize a wide variety of restrictions. Forexample, such restrictions may require that a portion of the value beprovided to each recipient or may require a set a time limit for whenthe value may be received. As other examples, the restriction may be adesignation as to the form of value or a designation as to which of therecipients must be present when receiving the value.

[0028] In one embodiment, the invention accommodates situations where anindividual, small enterprise or the like has a periodic or short termneed to receive multiple payments or money transfers in an efficientmanner. To facilitate such a need, in one embodiment a method isprovided for paying for goods or services using a network. According tothe method, account information on a payee is input into a moneytransfer system. Further, at least one restriction is placed ontransfers into the account from one or more payors, and the restrictionis stored in the money transfer system. A cash payment may then bereceived at a money transfer location from at least one payor to pay fora good or service offered by the payee. A record may also be sent to themoney transfer system over a network indicating that the cash paymenthas been made. Funds may then be transferred to the account of the payeeover the network based on the cash payment using the money transfersystem. In this way, a payee may establish a special, limitedrelationship with the money transfer system to permit payors to pay thepayee according to the limitations placed within the system.

[0029] For instance, the restrictions may be those such as a limit onthe number of allowed transfers into the account of the payee, a timeperiod for making transfers into the account of the payee, the amount ofeach transfer into the account of the payee, and the like. Conveniently,the funds may be transferred using an ACH transfer, a check, or thelike. Further, a record of payment to the payee from the money transfersystem may be transmitted to the payee so that the goods or services maybe provided. For instance, an item may be shipped from the payee to thepayor after receipt of the record of payment. Optionally, a transactionfee may be collected along with the payment.

[0030] These and other embodiments of the present invention aredescribed in more detail in conjunction with the text below and attachedfigures.

BRIEF DESCRIPTION OF THE DRAWINGS

[0031] A more complete understanding of the present invention may bederived by referring to the detailed description and claims whenconsidered in connection the figures, wherein like reference numbersrefer to similar items throughout the figures, and:

[0032]FIG. 1A illustrates an embodiment of a transfer network includinginput and output mechanisms according to the present invention.

[0033]FIG. 1B illustrates an interface system of the network of FIG. 1A.

[0034]FIG. 1C illustrates the input mechanisms of the network of FIG.1A.

[0035]FIG. 1D illustrates an ATM network included in the network of FIG.1A.

[0036]FIG. 2 illustrates an alternative embodiment of a transfer networkaccording to the invention.

[0037]FIG. 3 is a flow chart illustrating one method for transferringmoney using a stored value account according to the invention.

[0038]FIG. 4 is a flow chart illustrating one method for transferringmoney using various payment types and times according to the invention.

[0039]FIG. 5 is a flow chart illustrating one method for staging a moneytransfer transaction according to the invention.

[0040]FIG. 6 is a flow chart illustrating one method for elicitinginformation on a transfer and providing a recommended way for making thetransfer.

[0041]FIG. 7 is a flow chart illustrating one method for elicitinginformation on how a transferred value is to be used and for providing arecommended way to use the transferred value.

[0042]FIG. 8 is a flow chart illustrating one method for replacing oneor more restrictions on a transfer of value.

[0043]FIG. 9 is a flow chart illustrating a method for paying for goodsor services using a network according to the invention.

DETAILED DESCRIPTION OF THE INVENTION

[0044] The invention provides various equipment and techniques formoving money. The invention permits money to be received in some formand then electronically transferred to another location where itavailable for pickup or further processing. In order to make a moneytransfer transaction, an interface with the money transfer system isneeded. Accordingly, a wide variety of interfaces may be used to accessthe money transfer system. For example, the money transfer system may beaccessed by walking into a money transfer or provider location andtendering payment, using a telephone to contact an IVR system or acustomer service representative, over the Internet using any type ofdevice capable of communicating over the Internet, including personalcomputers, cell phones with browsers, PDAs and the like. Theseinterfaces may be accessed by both the sender and the recipient.

[0045] The invention further permits a wide variety of paymentinstruments to be used to tender payment. For instance, payment may betendered in cash, by credit card, debit card, stored value cards,including smart cards, using an Automated Clearing House (ACH) transferfrom a bank account, using a cash card, and the like. Similarly, a widevariety of payment techniques may be used once the money has beentransferred. For instance, the recipient may be paid by cash, by check,by money order, by crediting a bank account, by crediting a stored valuecard or stored value record, and the like. Further various paymenttechniques may be used to provide the recipient with the money. Theseinclude permitting the recipient to personally receive the money at amoney transfer location, by an ACH transfer to a bank account, by a Fedwire to a bank account, using ATMs, kiosks, stored value cards,automated check printers, and the like. Optionally, the funds may bereceived in portions and in different currencies. For instance, atraveler may transfer money to himself before leaving on a trip, anddesignate countries where the money will be picked up along withidentification information.

[0046] Various combinations of the above may be practiced according tothe invention. For example, any of the access methods may be used withany of methods for tendering of payment or receiving payment. Further,any of the above may be used with any of the payment devices. Moreover,a recipient may be used to access the system in order to request moneyfrom one or more senders.

[0047] Referring to FIG. 1A, one embodiment of a transfer system 100according to the present invention is described. Transfer system 100 iscomprised of an interface system 125, an automatic teller system (“ATM”)system 145, a deposit maintenance network 150, a credit maintenancenetwork 160 and a central exchange 170. Interface system 125 iscommunicably coupled to ATM system 145 via an ATM network 140, depositmaintenance network 150 and credit maintenance network 160. In general,interface system 125 unifies a variety of transfer systems whilesupporting a variety of mechanisms for introducing and receivinginformation to and/or from transfer system 100.

[0048] Interface system 125 is described in greater detail hereinafterwith respect to FIGS. 1B and 1C, and generally comprises an interfaceexchange 130, a provider terminal 110 and a user terminal 112 incommunication via an interface network 120. Interface network 120provides message based communications between provider terminal 110 anduser terminal 112 and interface exchange 130. In alternativeembodiments, interface network 120 provides for communication betweenprovider terminal 110 or user terminal 112 and interface exchange 130,but not between provider terminal 110 and user terminal 112. In someembodiments, interface network 120 comprises a TCP/IP compliant virtualprivate network (VPN). However, it should recognized that othercommunication networks could be used to provide similar functionality.For example, interface network 120 could be the Internet, a local areanetwork (LAN), a wide area network (WAN), a telephone network, acellular telephone network, a virtual private network (VPN), an opticalnetwork, a wireless network, or any other similar communication network.

[0049] Referring to FIG. 1B, interface system 125 is described ingreater detail. Interface system 125 provides access into transfersystem 100 and permits a wide variety of payment instruments to be usedto receive payments. For example, money to transfer may be made bypresenting cash, checks, stored value cards, credit cards, debit cards,cash cards, by an ACH transfer from a bank account, and the like. Toaccommodate such payment instruments and types, various input devices126, such as terminals or interfaces may be used. For example, a localprovider terminal 110 a may be used to accept cash, credit cards,checks, debit cards, stored value cards and smart cards. Such terminalsmay also be used at the payout end to print a check or money order, orto credit a cash card or stored value card. Examples of such terminalsare described in copending U.S. application Ser. No. 09/634,901,entitled “POINT OF SALE PAYMENT SYSTEM,” filed Aug. 9, 2000 by Randy J.Templeton et al., which is a nonprovisional of U.S. Prov. Appl. No.60/147,899, entitled “INTEGRATED POINT OF SALE DEVICE,” filed Aug. 9,1999 by Randy Templeton et al, the complete disclosures of which areherein incorporated by reference.

[0050] A kiosk terminal 110 b may also be used and will be describedwith reference to FIG. 1C. In so doing, it will be appreciated thatterminal 110 b may be used to make payments to a recipient as well as toreceive money from a sender. Terminal 110 b includes a controller 200that communicates with various devices such as a computer 202, a PDAport 204, a telephone 206, a card reader 208, a card writer 210, a cardissuer 212, a message issuer 214, a cash issuer 216, and a check printer218. Terminal 110 b may include some or all of these devices. Computer202 may include standard computer components as is known in the art,such as a screen display, one or more input devices, such as a keyboard,a pointing device, a touch screen, a speaker for voice recognition, andthe like. In this way, various information regarding the money transfermay be input into the transfer system. Computer 202 may communicate withinterface network 120 using a variety of communication techniquesincluding via an internet interface 112 a, a dedicated telephone line,and the like. Conveniently, computer 202 may include a web browser toproduce web pages as is known in the art. Hence, with computer 202 auser may input the payment type, such as a credit or debit card number,stored value account information, loyalty program account information,and the like, along with information on the recipient. This informationmay then be processed by interface exchange 130 to complete thetransaction.

[0051] PDA port 204 permits a PDA device to be coupled to terminal 110b. In this way, a transfer may be made directly from the sender's PDAwhich may conveniently be pre-programmed with various informationrelating to the transaction, such as account numbers, information on therecipient, and the like. In this way, transactions may be made in amanner similar to that using computer 202, but with the sender'spersonal PDA device. If needed, controller 200 may communicate with aPDA interface 112 b in order to communicate with interface network 120.

[0052] Telephone 206 permits transactions to be staged by voice. Forexample, by using a telephone interface 112 c, various aspects of thetransfer transaction may be given over telephone 206. For example,telephone 206 may be used to call a customer service representative tohave a transaction staged. The sender may then receive a transactionnumber that may be given to a provider when presenting the money totransfer. The provider may use this number to access the stagedinformation, thereby speeding up the transaction. Alternatively, such atransaction may be accessed at computer 202 by inserting the number topermit the staged transaction information to be accessed. Paymentinformation may then be obtained at kiosk 200, such as by insertingcash, a check, a credit, debit or smart card, or the like into anappropriate reader. As an alternative to using a customer serviceprovider, the transaction information may be entered using an IVR systemthat records the information and submits it to interface network 120.

[0053] Telephone interface 112 c may also be used to permit cell phoneusers to access the transfer system. In this way, cell phone minutes orother stored values associated with the cell phone may be transferredusing system 100. Further, telephone interface 112 c permits money to bewithdrawn from the transfer system. For example, a phone may be used tomake a request to have money withdrawn from a bank account, credit cardaccount, stored value accept, or the like. This may be done by callingthe bank account or credit card organization directly and requesting awithdrawal at a given location. The bank or credit organization may thencontact interface exchange 130 to make the funds available at therequested location, such as at a local provider terminal.

[0054] As another example, a cell phone may be used to access a point ofsale device, kiosk, local provider terminal or the like using atelephone interface of one of those devices. A request may then be madeto interface exchange 130 for the funds. A value or foreign currencyconversion may be performed by interface exchange 130 as describedherein and an authorization may be sent back to the location where therequest was made to payout the funds. In this way, a person in a foreigncountry may easily access cash by simply locating a provider, kiosk orthe like, using a cell phone to request money, and then receiving thepayment in the local currency. Optionally, a verification step may berequired, such as by requesting the entry of a PIN to ensure the correctrecipient is receiving the money.

[0055] Card reader 208 may be used to enter a variety of information.For example, a sender may have a card with various pre-storedtransaction information, such as the sender's name, identificationnumber, payment instruments, and the like. These may be used to populatea transaction screen on kiosk 110 b. Card reader 208 may also be used toread information from credit, debit, smart and stored value cards. Inthis way, a sender may provide the system with the money or value totransfer simply by inserting the card with the desired accountinformation into card reader 208. Further, reader 208 may be used toread information from an ID or payment card of a recipient who is toreceive a transferred value.

[0056] Card writer 210 permits information to be encoded and stored on avariety of cards. For example, information on each transaction may bestored on a customer card of the sender. Card writer 210 may also beuseful when the kiosk serves to pay money or value to a recipient. Forexample, writer 210 may be used to add value to a stored value or smartcard of a recipient.

[0057] In some cases, cards may be issued to either a sender or arecipient using card issuer 212. For example, a customer card may beissued to a sender who registers with the system. Card issuer 212 mayalso be used to issue cards when making payments to recipients. Forexample, card issuer 212 may issue stored value cards, smart cards, cashcards and the like. These may be used at other kiosks or ATMs towithdraw the transferred money or value.

[0058] Message issuer 214 permits a message transmitted from a sender tobe provided to a recipient. Message issuer 214 may be used to producethe message on a display screen of computer 202 or to print the messagewhich is dispensed to the recipient.

[0059] Cash issuer 216 is used to dispense cash to a recipient. In thisway, a recipient may receive a cash payout from a kiosk which has beensent from a sender using any of the techniques described herein. Thecash payout may be made once the recipient is properly identified, suchas by inserting a customer card into card reader 208 and optionally byentering a PIN. Cash payouts may also be made by inserting a card havinga stored value that is stored within interface exchange 130. In thisway, once a recipient that has been issued a stored value card, therecipient may take that card to any kiosk for partial or full payment.Further, conversions may be made when making the withdrawal. Forexample, a recipient may have a stored value card with cell phoneminutes, and may request that these be converted to cash. Also, foreigncurrency conversions may be made. Such a transaction is facilitated byinterface exchange 130 as described herein.

[0060] A sender may also access the money transfer system using his orher own communication devices. For example, by using an internetinterface 112 a, transfer system 100 may be accessed by any type ofcomputer that is capable of accessing the internet. Information on thepayment instrument or type may then be communicated to transfer system100 through the internet. Such payment instruments or types includecredit cards, debit cards, stored value cards, cash cards, ACH banktransfer information, and the like. As another example, a PDA interface112 b may be used to permit PDA devices to communicate with transfersystem 100. Similar payment instruments and payment types may also bepresented using PDA interface 112 b. Another example is through atelephone interface 112 c. In this way, communications may be made overthe telephone, to a customer service representative, through an IVRsystem, and the like. Similar to the other interfaces, a wide variety ofpayment instruments and types may be communicated into the systemthrough this interface, including credit cards, debit cards, storedvalue cards, cash cards, ACH bank transfer information, and the like.

[0061] After passing through interface network 120, the informationregarding the transfer is sent to interface exchange 130 that has anetwork processor 132 to process the data. This is then sent to a host133 that may communicate with a value translator 135, a database 136, asettlement engine 137 and a messaging engine 138 that in turn maycommunicate to a message translator 139. The information received byinterface exchange 130 may include information on the sender,information on the recipient, the type and amount of payment, a desiredlocation to transfer the money, and the like. In some cases, a valuetranslator 135 may be needed to change the type of value. For example,value translator 135 may do a foreign currency conversion, or maytransfer from one type of value to another, e.g. frequent flier miles todollars. All information that is processed may conveniently be stored indatabase 36.

[0062] Settlement engine 137 may be used to facilitate the crediting anddebiting of various accounts during a transfer. For example, if a senderrequests that funds from a credit card account be used in the transfer,settlement engine 137 is used to contact the credit network to chargethe card and to manage the fees involved in the transaction. Such feesmay be those charged by the credit organization as well as internal feesthat are a part of the money transfer transaction. Settlement engine 137may be used in a similar manner when crediting or debiting checkingaccounts, stored value accounts, customer loyalty points and the like.

[0063] In some cases, the sender may also wish to send a message withthe money. Such a message may be a simple greeting, business or legalterms, and the like. Messaging engine 138 is employed to convert themessage to the proper format depending on the type of output device thatis to be used with receiving the money. For example, the output devicemay be a printer that physically prints the message onto some type ofmedia. Alternatively, the message may be temporarily displayed on adisplay screen, such as on a kiosk, ATM machine, point of sale device,an e-mail, a web page or the like. The sender or recipient may alsoindicate that the message needs to be translated to a differentlanguage. In such cases, message translator 139 may be used to translatethe message into the other language. This may be accomplished by simplydoing a word look up for each corresponding word in the other language.More complex language translation capabilities may also be used.

[0064] Once the transfer request is properly processed, it is sent by aswitch 134 to the appropriate network as shown. This may be to ATMnetwork 140, deposit maintenance network 150 and/or credit maintenancenetwork 160 to complete the transaction. As described hereinafter, insome cases the entire money transaction may occur without assistancefrom any of these networks, such as when transferring money between onestored value account and another. Optionally, the transaction may alsomake use of central exchange 170 which may comprises the Federal ReserveSystem, an association of banks, such as NACHA, a cell phone network, orthe like.

[0065] With such a configuration, a wide variety of payment options arepossible. For instance, the sender may request that the funds bewithdrawn from a sender's bank account. In such as case, interfaceexchange 130 communicates with depositing maintenance network 150 tomake the withdrawal. This transaction may also involve central exchange170. Once the funds have been withdrawn, they may be retrieved by thesender using a wide variety of techniques. For example, the funds may bepaid out to the recipient by delivery to a provider location, at akiosk, at a point of sale device, at an ATM, via the internet using astored value account, at the recipient's bank account after a Fed wireor an ACH transfer, by a stored value card or a smart card, by a cashcard, and the like.

[0066] As one specific example, a sender may request that the money beavailable for pickup at an ATM or a bank. In such cases, the money maybe deposited into a recipient's bank account using deposit maintenancenetwork 150. One example of such a system for transferring money into arecipient's bank account is described in copending U.S. application Ser.No. 09/516,209, filed Feb. 29, 2000, the complete disclosure of which isherein incorporated by reference. However, other systems may also beused. Central exchange may facilitate this transaction by doing a wireto the bank accounting using the Federal Reserve System, by an ACHtransfer, or the like. In this way, the money may be retrieved using anATM, by visiting the bank, or by any other withdrawal technique offeredby the bank. For example, payment may be made by cash, by a printedcheck, by crediting a smart card or stored value card, or the like. Thismay be done by providing the ATM or other payout device, such as akiosk, with the appropriate equipment for making such payments. Asanother example, interface exchange 130 could maintain a stored valueaccount for the recipient. Funds may then be withdrawn from ATM 114using any of the techniques described herein, and the account debitedonce ATM network 140 communicates with settlement engine 137. Also, oncea stored value account has been created, the funds may be withdrawnusing a wide variety of other techniques, such as by depositing theminto a bank account of the recipient, by crediting a credit card accountof the recipient, and the like.

[0067] If a credit card is involved in the transaction, either forsending or receiving, credit maintenance network 160 may be accessed.For example, if the sender uses a credit card, interface exchange 130accesses credit maintenance network 160 via settlement engine 137 toapprove the funds and to send a request to charge the credit cardaccount. Once the funds are available, they may be paid out to therecipient using a wide variety of techniques, such as by delivery to aprovider location, at a kiosk, at a point of sale device, at an ATM, viathe internet using a stored value account, at the recipient's bankaccount after a Fed wire or an ACH transfer, by a stored value card or asmart card, by a cash card, and the like in a manner similar to thatdescribed herein. The payment may also be credited to the recipient'saccount by having settlement engine 137 send it a credit request tocredit maintenance network 160.

[0068] Check printer 218 may be used to print a check to a recipient. Inthis way, payouts may be made in the form of a check. Although notshown, an imager may also be used to scan checks so that money to betransferred may be input in the form of a check. Printer 218 may also beused to print a receipt for a given transaction.

[0069] As shown in FIG. 1C, kiosk controller 200 may also be configuredto communicate directly with ATM network 140. In this way, the kiosk mayfunction as an ATM in addition to being able to perform money transferfunctions as described herein.

[0070] It will be appreciated that some or all of the components ofkiosk 110 b may be incorporated into other devices that are used toaccess system 100. For example, such components may be used in aprovider terminal, a point of sale device, an ATM machine, and the like.Further, kiosk 110 b may be configured to communicate with a localprovider terminal 110 a as shown in FIG. 1C to communicate withinterface network 120. 1711 Referring to FIG. 1D, ATM system 145 will bedescribed in great detail. ATMs 114 and 116 each include a controller114 a and 116 a, that are coupled to cash issuers 114 b and 116 b, ATMaccess modules 114 c and 116 c, card writers 114 d and 116 d, cardreaders 114 e and 116 e, card issuers 114 f and 116 f and messageissuers 114 g and 116 g. Cash issuer 114 is employed to dispense cash toa recipient based on a previous transfer. Access module 114 c providesaccess to the ATM using a variety of components, such as a touch screen,a keyboard, a voice recognition system, and the like. In this way,various information regarding a transfer request or a pick up may beentered into controller 114 a. Card writer 114 c and card reader 114 epermit various information to be written onto various cards and readfrom various cards in a manner similar to that previously described inconnection with kiosk 110 b. Card issuer 114 f permits various cards tobe issued in a manner similar to that previously described in connectionwith kiosk 110 b. Message issuer 114 g permits various messages to beprovided to the user in a manner similar to that described in connectionwith kiosk 110 b.

[0071] The ATMs communicate with each other over ATM network 140. ATMsystem 145 includes a host 141 that is coupled to a database 142 tofacilitate the processing and storing of data that is transferredbetween each ATM. With such a configuration, money transfers may be madebetween ATMs simply by coupling to interface exchange 130. For example,information about a transfer may be input into ATM 114 using accessmodule 114 c and optionally also card reader 114 e. The request is sentfrom ATM network 140 to interface exchange 130 which processes thetransaction in a manner similar to that previously described. The moneymay then be withdrawn by the recipient at any other ATM simply byaccessing the ATM through access module 114. The transferred money maythen be dispensed from cash issuer 114 b.

[0072] The ATMs may also be used as a payout device in connection withany of the other transfer techniques described herein. For example,money to be transferred may be provided using any of the input devices126. A request may also be made to have the money available at an ATM.The money may then be retrieved from the ATM, either by debiting theaccount stored at interface exchange 130 or by depositing the funds intoa bank account of the recipient as previously described.

[0073] It should be recognized that other embodiments of transfer system100 are possible according to the present invention. For example,another embodiment of a transfer system 101 is illustrated in FIG. 2. Inthis embodiment, transfer system 101 comprises provider terminal 110,user terminal 112, kiosk terminal 110 b, and ATM's 114, 116 incommunication via interface network 120. Interface exchange 130 exchangefunctionality previously described in relation to FIG. 1B. Each of kioskterminal 110 b and ATM's 114, 116 can communicate via ATM network 140 tocentral exchange 170. In this way, transfers as previously describedinvolving central exchange 170 can be accomplished without a directinterface between interface exchange 130 and ATM network 140 or othernetworks. Rather, such transfers can be accomplished by providing dualcommunication functionality in kiosk terminal 110 b and/or ATM's 114,116.

[0074] Referring now to FIG. 3, one method for transferring money usingthe transfer system previously described will be set forth. Such amethod is particularly useful in creating a stored value account thatmay be used to make internet or other electronic payments withoutdisclosing any account information to the seller or recipient. As shownin step 200, a user provides the money to a provider of the moneytransfer system. This payment may be made in any form accepted by theprovider who keeps this information confidential. The paymentinformation may be input into the local provider terminal (see FIG. 1B).As shown in step 210, a stored value account is credited with thispayment. This may occur within interface exchange 130 (see FIG. 1B). Themoney may be placed into the stored value account by having the senderdesignate the user's stored value account, or the user may contactinterface exchange 130 and request that the funds be placed into theuser's stored value account. The user may then make a desired purchaseas shown in step 220. As one example, the purchase may be made over theinternet. When payment is requested, the user may access his storedvalue account, using for example, internet interface 112 a (see FIG.1B). One convenient way to permit the stored value account to be usedfor payment is to provide a link at the seller's web site to the website managing the stored value account. Information on the transactionmay then be provided to permit the stored value account to be debited asshown in step 230 and to credit the seller as shown in step 240. Thistransaction may be performed using settlement engine 137 of interfaceexchange 130 (see FIG. 1B). A wide variety of seller accounts may becredited, including a checking account, a credit card account or astored value account using techniques previously described.

[0075] One advantage of such a method is that information about both abuyer and a seller may be kept confidential. For example, a buyer maypay money into the system which is transferred to the seller, withoutany knowledge of the buyer if the buyer chooses. In a similar manner,any data on the seller may be kept from the buyer.

[0076] In one alternative, money paid into the system may be at therequest of a recipient. For example, money may be paid in to obtain astored value card or to pay for services, such as a pre-paid telephoneservice. In such cases, the user may be prompted to enter how much moneyis to be paid. For example, the message may be that $50 is required inorder to prepay for telephone minutes. The information is provided intothe system from the recipient. The sender may also be provided with theoption of varying the amount that is paid in, along with the addition ofa message.

[0077]FIG. 4 illustrates a method for transferring money where therecipient has the option of receiving the money in different paymenttypes and at different times. The process begins at step 250 where themoney to be transferred is entered into the money transfer system.Conveniently, the sender may have the option of sending a message alongwith the money. This may be received in any language requested by thesender or the recipient using the message translator 139 (see FIG. 1B).In some cases, the message may be separate from the money transfer. Forexample, the money may be electronically transferred to a recipient'sbank account while a message is sent to a printer or to a computer ofthe recipient to notify the recipient of the transfer. This may beuseful, for example, when making a payment of aggregated bills. Thepayments may be aggregated and sent to the recipient's bank account, anda separate receipt sent to the recipient giving the details of eachpayment.

[0078] When ready to receive the money, the recipient accesses the moneytransfer system using any of the techniques described herein. Therecipient is provided with a variety of payment options as shown in step260. This may be, for example, payment in cash, check, money order, astored value card, a deposit into a checking account, a credit to acredit card account, or the like. Further, the recipient may requestpayment in any currency or other type of stored value using valuetranslator 135 (see FIG. 1B). For example, if living in Mexico, therecipient could request payment in Pesos, and could also request thatany message be delivered in Spanish. The recipient selects the paymenttype as shown in step 270 and is then provided with the option ofreceiving a full payment, or partial payments over time as shown in step280. If full payment is selected, the process proceeds to step 310 wherefull payment is made according to the requested payment type.Optionally, a fee may be charged according to the payment type as shownin step 320. If a partial payment is selected, the process proceeds tostep 290 where a partial payout is made according to the requestedpayment type and the stored value account is debited. A fee mayoptionally be deducted as shown in step 300. At any time, the recipientmay again access the money transfer system to receive the rest of thetransferred money.

[0079] One specific use of partial payouts in combination with acurrency conversion is to permit an international traveler to receivemoney in one or more countries in one or more payments made in the localcurrency. For example, a U.S. resident may decide to travel to severalcountries during a business trip and may need to obtain local currenciesin each of those countries. In so doing, the traveler may not want toreceive or convert to the local currency too much of all of their fundsat a time. To facilitate such a need, the invention permits travelers tosend money to themselves (or another traveler) prior to (or even after)departure. This money may be picked up in the currency of theirdestination(s). Such a process facilitates the transfer of thetraveler's funds for convenient withdrawal in limited or convenientincrements during their travel, and in the local currency.

[0080] Conveniently, the customer may accomplish this by performing amoney transfer transaction, and then receive all or only portions of theinitial transfer upon arrival at the destination. Fees may be determinedon the amount withdrawn as well as a currency determined at the time ofwithdrawal. In this way, money may be received in multiple countries andin multiple currencies based on the same money transfer transaction. Assuch, the need for carrying excess cash or travelers checks may begreatly reduced or eliminated.

[0081] The cash pick ups may conveniently be performed at a moneytransfer location, such as at a Western Union location. Such a processpermits a traveler to pick up money in a local currency, at a knownexchange rate, and at any one of a large variety of money transferlocations.

[0082] Such a process may be performed using any of the money transfersystems described herein. For example, as illustrated in FIG. 1B, themoney transfer request and payment may be input using any of the inputdevices 126. As one example, local provider terminal 110 a may be usedto receive payment information as well as information on the recipientand countries of interest. Such information may be transmitted to host133 for storage.

[0083] When ready to make a withdrawal, another local agent terminal 110a in the foreign country may be accessed. Alternatively, any of theaccess devices, including networks 140, 150 or 160 could also be used.The request is received at host 133 that determines an exchange rateusing value translator 135 and also calculates any fees. Thisinformation is transmitted back to terminal 110 a to allow for thepayout. Host 133 may also keep a record of the transaction and anyremaining principal that is stored in database 136. If needed, host 133may also compare an identifier with one on record to confirm the correctrecipient.

[0084] The fee structure for the client may be weighted so that uponplacing the funds into the system, a nominal fee is charged to coverexpenses. The traveler may be charged at each pick-up location adetermined or a predetermined amount based on how much money they arereceiving. For example, the fee for withdrawing $1,000 may be $20. Ifthe traveler decides to withdraw $100, the fee may be 100/1000×$20, or$2. The payout amount plus the fee amount may be subtracted from thetotal available principal upon enacting each payout.

[0085] Hence, to place money into the system, any of the interfacesdescribed herein may be used. As one specific example, a customer mayplace money into the system by going to a money transfer location andproviding appropriate information regarding the transfer. This mayconveniently be accomplished by filling out a form a providing the formto the customer service representative at the money transfer location,or by having the customer enter this information into a computer. Suchinformation may include customer identification information, senderidentification information (if different from the customer), countriesin which the money should be made available, payment information, andthe like. The customer may also provide some type of identification thatthey will use to pick up the funds on the payout side. Thisidentification number may be input into the system as well. The enteredinformation is transmitted to a host computer system using any of thetechniques described herein.

[0086] The host computer may be arranged in a manner similar to any ofthe host systems described herein. The host system may store the moneytraveler transactions in a queue that is separate from any other typesof transactions, such as regular money transfer transactions. Further,the money traveler transactions may have a separate product codeattached to them. In one aspect, the host computer system may store thefields in the transaction record, and may include fields such as[country], [country], [country], [country], [country], [ID Number], andthe like.

[0087] The host computer system may also be configured to allow for the‘splitting’ of transactions. This allows for partial payments of thetotal available principal. In addition, the host computer system may beconfigured to deduct partial payout amounts plus fees from the totalprincipal. Further, the host computer system may periodically receiveexchange rates for each of the countries of interest. These may bestored at the host computer system and used when performing a currencyconversion at the time of payment. In some cases, this information maybe transmitted to the payout computer where the currency exchangecalculations may occur.

[0088] When paying money into the system, a wide variety ofcommunication devices may be used. For example, information on thetransaction may utilize a point of sale device, a personal computer, akiosk or the like that may transmit information to the host computersystem as well as display information. As previously described, types ofinformation that may be input include possible receiving countries, anidentification number, a payment amount, and the like.

[0089] A similar type of computer may be used on the receive side of thetransaction. The payout computer may be programmed to have a payout modethat allows the traveler to input information needed to withdraw themoney. For example, the payout computer may be configured to prompt thecustomer service representative to check the identification of therecipient. This may then be compared against the identificationtransmitted from the host to the payout computer. For extra security,the recipient may be asked to enter their identification which may thenbe compared at the host computer with the identification on record.

[0090] Conveniently, the host computer system may transmit to the payoutcomputer the amount of principal remaining for withdrawal. Uponselection of a payment amount, this information is transmitted back tothe host for the calculation of any fees and to perform a currencyconversion (although some of all of these tasks may be performed at thepayout computer). The recipient may then be paid the amount by thecustomer service representative who may enter the payment informationinto the payout computer. The remaining principal is then reduced by theamount of the withdrawal and any fees. Conveniently, this informationmay also be presented to the recipient on a display screen, on areceipt, or the like. Optionally, the payout computer may be used togenerate a receipt that contains the payout amount as well as theremaining balance in the account.

[0091] Another feature is the ability to provide the traveler withinformation on locations where the funds may be obtained in eachdesignated country. This information may be supplied to them on areceipt provided upon inputting the money into the system. For example,telephone numbers (toll free) may be supplied for each country in whichthey are travelling, so the traveler has a communications link to knowwhere to get their funds. Alternatively, pick up locations may bedownloaded to a PDA or other device in electronic form.

[0092] As one specific example, a traveler may receive funds input intothe system by first travelling to one of the designated countries.Optionally, the traveler may call a number to determine where nearestpick up locations are located. The traveler then proceeds to one of thelocations where the customer service representative looks up thetransaction based on identification information provided by thetraveler, such as the traveler's name. The traveler may then be asked tosupply their identification with is confirmed by the customer servicerepresentative or by the host computer system. The traveler informs therepresentative how much they want to receive of the amount which is thenpaid to the traveler.

[0093] As an alternative to requiring the recipient to provideidentification, the recipient may be provided with a personalidentification number (PIN) that is entered during pick-up. This permitsthe traveler to pick up money, even if they have lost theiridentification. As another option, the PIN may be used as identificationwhen contacting a customer service representative in case the traveler'sidentification is lost or stolen. As a further option, the customer maybe provided with a call in number, web site, or the like that may beused to confirm pick-up points before departing.

[0094] In some cases, the customer may wish to recharge the amount ofprincipal. This may be accomplished, for example, by permitting thetraveler to authorize automatic debits from their checking account. Thisinformation may be supplied at the initial transaction, or at asubsequent time. When ready to transfer funds the user may access a VRU‘PIN based’ system that allows the consumer to authorize debittransactions from their checking account to be placed into their accountin the host computer system.

[0095]FIG. 5 illustrates a method for staging money transfer transactioninformation into the transfer system before presenting payment at aphysical location in order to reduce the transaction time or simply toassist in the transaction. For example, a customer may access the moneytransfer system through the internet or a customer servicerepresentative. In some cases, the sender may not qualify for a creditcard payment or may simply experience a difficulty in completing thetransaction. In such cases, the process proceeds by contacting thetransfer system as shown in step 330. The information needed to stagethe transaction is then provided as shown in step 340 and then stored ina database as shown in step 350, such as within interface exchange 130(see FIG. 1B). Optionally, the sender may be giving a transaction numberor other identifier and is then directed to a provider location as shownin step 370. The sender provides this information to the provider whoenters this into the system, such as by using the local providerterminal 110 a (see FIG. 1B). This causes the corresponding record inthe database to be accessed and sent to the provider terminal toautomatically populate fields on the screen. All the sender is thenrequired to do is to provide the proper payment to the provider. Themoney may then be transferred using any of the techniques describedherein as shown in step 380.

[0096] Further, it will be appreciated that a variety of other transfermethods may be performed using the transfer system described herein. Forexample, to expedite a money transfer transaction, senders may beprovided with customer cards having staging information stored on thecard. Such information may include, for example, the sender's name,account number, contact information and the like. This card may then beread using the provider terminal 110 a (see FIG. 1B) to populate thefields displayed on the display screen. The sender may then presentpayment along with information on the recipient.

[0097] In some cases, the recipient may wish to withdraw the transferredmoney from an ATM. However, in order to access existing ATMs, a usermust present some type of card. As such, after a transaction is sent,the transfer system may deliver an ATM access card to the recipient bysome type of mailing method. A separate mailing may optionally be doneto provide a PIN to the recipient. This card may include informationthat is readable by the ATM to permit access so that the money may bewithdrawn. Such cards may also function as cash cards or other type ofstored value cards so that the money may be withdrawn based oninformation supplied by the card, rather than by accessing the moneytransfer system. As another option, the ATM may be configured to beaccessed with any type of card, such as a driver's license, ATM cardcredit card, and the like. Once accessed, a home screen may be displayedthat permits access to interface exchange 130 (see FIG. 1B) to completethe money transfer as previously described.

[0098] The transfer system may also find use in cases where individualsdo not have a credit or debit card to make internet purchases. In suchcases, a customer may go to a provider location and purchase a cash card(that may be a physical or a virtual card, i.e. an identificationnumber) using local provider terminal 110 a (see FIG. 1B). The cash cardis used by the money transfer system as a pointer to a record of themoney paid by the customer into the system and that is available fortransfer. Hence, after making an internet purchase, the customer mayprovide the seller with information from the cash card. The seller thenpresents this information to the money transfer system which checks theinformation and then transfers the money to the seller using any of thetechniques described herein.

[0099] In some cases, interchange fees may be used when making transfersusing a credit card. To avoid such fees, a money transfer may be madeusing a check, debit card, an ACH transfer to a bank account or thelike. In such cases, the payment may be made at a provider location,over the internet, or using other techniques described herein. The moneytransfer system then waits for the funds to paid before making the fundsavailable. Once available, the recipient may receive the funds in cashfrom the money transfer system, such as by picking up the funds at aprovider location.

[0100] As another example, a deliverer of goods may use the transfersystem to reduce or eliminate the amount of cash received and carriedduring daily deliveries. Currently, when delivering goods, the deliveryperson is provided with payment at each location where goods aredelivered. The cumulated payments are then deposited at the end of theday. However, the delivery person faces the risk of being robbed or ofmisplacing the payments during the daily activities. According to theinvention, the transfer system is able to use a point of sale terminal,such as the local provider terminals 110 a (see FIG. 1B) to credit astored value card carried by the delivery person. In this way, each timea delivery is made, the card is presented to the buyer who updates thecard with a credit using the terminal. The transfer system is also ableto debit a stored value of the buyer, or may ask for some other form ofpayment that is entered into the terminal. When required, such as at theend of the day, the delivery person may take the stored value card tohis own terminal to update the credits into the transfer system. Ofcourse, payouts may be made using any of the techniques describedherein, including crediting of bank or credit card accounts, payment ofcash from an ATM, and the like. By using such a card, the deliveryperson does not need to carry large amounts of cash throughout the day.

[0101] The transfer system may also be used to facilitate business tobusiness transactions as well. For example, a merchant may keep acomputerized record of their accounts payable using software known inthe art. Periodically, multiple payments may be made by simply loadingthe accounts payable information into the money transfer system, such asby using a connection to the local provider terminal 110 a or throughinternet interface 112 a (see FIG. 1B) along with a request to have thepayments made. These payments may be made using any of the techniquesdescribed herein, including by cash, credit card, debit card, storedvalue account, or the like. Using messaging engine 138 (see FIG. 1B), amessage may also be sent to each recipient giving information about theaccount. Each recipient may also be given the option of taking paymentin any of the payment forms as described herein. Conveniently, themerchant may have recipient profiles stored within the transfer system,so that payments may automatically be made according to the profile eachtime a request is made.

[0102] Hence, the payment systems of the invention are configured toprovide a wide variety of techniques for presenting funds from a moneytransfer receive transaction to a customer. These include, for example,the use of a closed-loop debit card that may be used at customized ATMsfor cash or in-lane purchases if within a subscribing network. Forinstance, a debit card may be loaded with funds and then used within anetwork of a given retailer or association of retailers to makepurchases. Further, an anonymous debit card may be used, such as thoseoffered by MasterCard, VISA, Discover, and the like. In such cases,funds may be provided to a money transfer location to set up an account.A card may then be initialized and provided to the recipient with a PINor other identifier. Other types of cards that may be used to receivefunds include stored value cards, pre-paid phone cards, pre-paidinternet cash cards and the like.

[0103] When funds are paid out in connection with a card, therecipient's card may be presented to any of the terminals describedherein, such as a POS device, which communicates with interface exchange130. The terminal reads the number off of the card to associate the cardaccount with the transferred funds. For example, a recipient may enteridentification information, such as their name, into a POS device toaccess the record of the funds to be paid. The card may then be swipedon the POS device to read the card number and to permit the card accountnumber to be associated with the funds. The funds may then be creditedto the account using any of the techniques described herein. In somecases, the sender may dictate that the funds are to be paid out in theform of a stored value card. The sender may also indicate the type ofvalue to be stored on the card, e.g., money, phone minutes, and thelike.

[0104] As another option, the card number may be assigned dynamically bythe host system, such as interface exchange 130, and then a receiptissued to the recipient that contains an account number. For example, aterminal, such as a POS terminal, may issue a paper receipt or a stickerthat may be placed onto a card or other media and which contains theaccount number. Value from the account number may be redeemed usinginterface exchange 130 using any of the techniques described herein.

[0105] The payment systems of the invention may also be used to payfunds to a bank account of the recipient using a MICR number from one ofthe recipient's checks. For example, the recipient may submit the MICRnumber to interface exchange 130 using any of the interfaces describedherein, including a POS device having a reader. In this way, therecipient may receive the funds by entering identifying information intothe POS device and then swiping the check through the POS device to readthe MICR line. Once the account information is read, it is transferredto interface exchange 130 where the funds may be deposited into therecipient's account using the techniques described herein. Similartechniques may also be used to transfer funds to the recipient's bankaccount using the recipient's debit card. For example, the recipient'sdebit card may be swiped at a POS terminal to create a reverse or returntransaction where the recipient's account is credited with thetransferred funds. Interface exchange 130 may make use of depositmaintenance network 150 to perform this transaction in a manner similarto that previously described.

[0106] As another example, payment funds may be automaticallytransferred to an on-line investment account or an on-line bank account.This account may be maintained by an investment service or bank that mayaccess interface exchange 130 using any of the techniques describedherein. The funds may be transferred into this account in a variety ofways. For example, the sender may designate the recipient's account sothat when information on the payment reaches interface exchange 130,switch 134 (see FIG. 1B) routes information on the payment to theinvestment service or bank where the funds may be deposited into thedesignated account. Alternatively, a recipient may have a record indatabase 136 that any funds to be received from any source, or fromspecific sources, be transferred automatically to the on-line account.As another example, a record of the funds transfer may be maintained atinterface exchange 130 until the recipient is notified and thenspecifies that the funds should be placed in the on-line account. Theactual transfer of funds may be made using any of the techniquesdescribed herein, such as by an ACH transfer.

[0107] In a similar manner, funds may be transferred to an account of anon-line purchase service. In this way, transferred funds may be accessedby a user to make purchases using an on-line auction or purchase site.

[0108] Finds may be transferred to a person's bank account using areverse or return transaction. For example, a user may present theirdebit card along with payment at a location having a POS device. Thecard is read by the POS device, and a reverse or return transaction isperformed to credit the bank account associated with the debit card. Inthis way, the funds may be automatically credited to the user's bankaccount.

[0109] Another technique for paying out funds is by having the sendergenerate a sender key at the time of payment. This sender key may betransmitted to interface exchange 130 using any of the techniquesdescribed herein. Alternatively, the sender key may automatically begenerated by interface exchange 130. The sender then provides the senderkey to the recipient using any technique, such as, for example, bytelephone, e-mail, regular mail, facsimile, in person, or the like.Optionally, the sender key may be stored on some type of media, such asa card, that is sent to the recipient. Interface exchange 130 alsogenerates a confirmation code. This confirmation code may be accessed bythe recipient by interfacing with interface exchange 130 using any ofthe techniques described herein. With the sender key and theconfirmation code, the recipient may access an ATM, kiosk or the likethat is coupled to interface exchange 130 and receive a cash payout atthe ATM or kiosk. For example, the recipient may access ATM 114 of ATMnetwork 140 to receive a payout. Conveniently, a card may be insertedinto the ATM to gain access to the ATM functions or to provide the ATMwith the sender key. Optionally, the payment made at the ATM or kioskmay be in any of the forms described herein, including the crediting ofa stored value card, the crediting of a bank account, or the like.

[0110] When receiving payment, a variety of techniques and equipment maybe used to facilitate entry of information relating to the payment. Forexample, a MICR reader may be used to read a MICR line from a check ofthe recipient to permit interface exchange 130 transfer the funds to abank account of the recipient. A card reader may be used to read themagnetic stripe from a card containing information on an account of therecipient. This information may be transmitted to interface exchange 130to permit such an account to be credited. A keypad or keyboard may alsobe used to permit account information to be entered. For example, akeyboard may be used to enter recipient account information into a website or other on-line screen for on-line or internet accounts that areto receive the funds. Another option is the use of an OCR scanner orother reader to permit OCR or other account information, such as barcodes, to be read into the system. For example, a recipient may wish touse the transferred funds as payment for an outstanding bill, such as aloan payment, phone or utility bill. In such cases, the accountinformation may be scanned off of the bill or invoice and sent tointerface exchange 130 that may transmit the funds to the holder of theoutstanding bill using any of the techniques described herein. Stillfurther, various biometrics equipment may be used to identify anexisting customer that is tied to an account. Examples of biometricsthat may be read include facial recognition, fingerprint, retinal oriris scanning, and the like. This information may be transmitted tointerface exchange 130 that may include an engine determine therecipient and then perform a look-up in the database to determine therecipient's account. The funds may then be transferred to this account.

[0111] Another feature of the invention is the ability for either asender or a recipient to receive information on what value is in thesystem and available for sending or receiving. Hence, when interfacingwith the system using any of the interfaces (such as interfaces 110,112, a kiosk, an ATM, an IVR system, a computer, a PDA, and the like) auser may enter identification information and then receive a summary ofwhat value is in the system. For example, a sender may access the systemand receive information as to previous transfers, pending transfers,transferred but unclaimed value, and value stored in a stored valueaccount. Other information that may be provided includes information onwhy the value was input, such as for a money transfer, for a storedvalue account, for bill payment, and the like. As another example,information may be provided on the status of the input or on the form ofpayment used when the value was input into the system, such as by cash,credit card, money order, check or the like. The time that the money wasinput may also be included.

[0112] On the receiving side, the recipient may receive information suchas transferred value that remains in the system, a summary of valuetransferred out of the system, and the like. Other information that maybe provided includes where the funds originated, the time of transfer,and the like.

[0113] Once logged into the system, either a sender or a recipient mayreceive information on how the value may be transferred or withdrawnfrom the system. This information may be provided in summary form havinga global list of options, or may be one or more recommended optionsbased on input from the sender or recipient. One example of how suchinformation may be provided to a sender is illustrated in FIG. 6.

[0114] In FIG. 6, the sender accesses the host computer system using anyof the devices described herein and requests to transfer money or valueas shown in step 400. Optionally, the host system may list all availableoptions for transferring the money as shown in step 410. Such a list mayinclude any of the value transfer options described herein, such as apayment by money order, a transfer to an account of the recipient,payment onto a card, or the like. Optionally, the sender may select oneof the displayed options as shown in step 420 and proceed in accordancewith the selected option.

[0115] Alternatively, the sender may be prompted for various types ofinformation on the transfer so that the host system may recommend one ormore options. These may include, but are not limited to, requestinginformation on the type of recipient of the money as shown in step 430.Conveniently, a box for keying this information may be provided, orpredetermined types may be selected from a drop down menu. For instance,the sender may select types such as a family member, a coworker, acharity, a retailer, or the like. As shown in step 440, the sender mayalso be requested to enter information on the amount of the transfer.This may optionally be keyed in, or selected from a drop down menu. Thesender may also be asked for information on available pick-up locationsas shown in step 450. For instance, the sender may select from a list ofpick-up locations, such as a specific postal code, city, country, or thelike. Further, as shown in step 460 the sender may be asked forinformation on the type of interfaces available to the recipient. Suchinterfaces may include, for example, a money transfer location, apersonal computer, an ATM, a financial kiosk, a bank or credit union, orthe like. Optionally, other types of information relative to a valuetransfer may also be requested. For example, as shown in step 470 thesender may optionally be asked about the intended use of the funds.

[0116] Using the information provided by the sender, the host computersystem processes the information to generate one or more recommendedoptions for transferring the money as shown in step 480. The hostcomputer system may have logic and look-up tables to determine suchoptions based on standard inputs. These may then be displayed to thesender as shown in step 490. For example, if the recipient does not havea personal computer, the recommended option may be to pick-up the fundsat a brick and mortar location, such as a money transfer location.Alternatively, the option may be to a stored value account that therecipient may access from an ATM machine or a kiosk. If the recipient islocated in a rural area, the option may be to generate and mail or handdeliver a money order. As a further example, if the intended use of thefunds were for a particular store, the recommended option may be for astored value card accepted by the store. Conveniently, the options maybe displayed in text form to the sender or verbally communicated. Forinstance, the recommended option may state: We recommend an in-personpick up in cash at a money transfer location that is located at 123 VineStreet, Los Angeles, Calif.

[0117] Such a process may also be used when the transfer of value is tobe used to pay an amount due, such as for bill payment. For example, ata remote computer, point of sale device, PDA, cell phone, or the like, acustomer may enter a request to pay a bill. The customer (or a customerservice representative) may be asked to enter information needed toprocess the bill payment, such as the customer's account, the amount tobe paid, the type of payment instrument, and the like. This informationmay then be transmitted to the host computer system in a manner similarto that discussed in other embodiments. An account associated with thepayment instrument may be evaluated to insure that sufficient funds areavailable to pay the bill. For example, the host computer system mayperform a pre-authorization step by evaluating a checking account, asavings account, a credit card account, a stored value account, or thelike.

[0118] Also, the host computer system may transmit to the remotecomputer (or such information may be stored at the remote computer), alist of payment options that are available using the desired paymentinstrument. In some cases, payment options using other types of paymentinstruments may also be suggested. Such payment options may include, forexample, a real time guaranteed funds payment by receiving cash at athird party location which guarantees payments of the funds to thebiller, an ATM debit (with or without a PIN), an ACH transfer, paymentby check, or the like. A list of fees for each of these options may alsobe provided to the customer.

[0119] Once the customer approves an option and has provided a type ofpayment that has been authorized, the host computer system mayfacilitate processing of the payment. This may take place by requestingthat a payment account be debited so that the funds may be transferredto the biller. Various intermediate accounts may be used to store andforward the funds as needed. The appropriate fees may also be deducted.Further, the customer may be provided with a receipt showing the form ofpayment used, the fees charged, and a confirmation that the payment wasmade.

[0120] A similar process may be used at the recipient side to providerecommended options for receiving the funds. For example, as shown inFIG. 7, the recipient may access the host computer system to requestpayment of transferred money as shown in step 500. The recipient may beprovided with a list of all available payment options, or may beprompted to enter information that will be used to generate one or morerecommended payment options. For example, as shown in step 510, therecipient may be asked for information on the intended use of the money.The recipient may also be asked for information on the type of accountsavailable to the recipient as shown in step 520. Such accounts mayinclude any of those described herein, such as bank accounts, creditaccounts, investment accounts, stored value accounts, and the like. Asshown in step 530, the recipient may also be asked for information onthe amount of the transfer. Other questions regarding the payment mayalso be asked. The host computer systems takes these inputs andgenerates one or more recommended options for receiving the money asshown in step 540. The host computer system may include logic and lookup tables that match recommended options based on the inputs. These arethen displayed or verbally communicated to the recipient. For example,if the recipient does not have any account and the intended use is acash payment to a friend, the recommended option may be a cash paymentat a money transfer location. As another example, the recipient may havea checking account and wishes to use the funds to pay for a service bycheck. In such a case, the recommended option may be a transfer of thefunds to the recipient's checking account.

[0121] Another embodiment of the invention relates to restrictions thatmay be made relative to the payment of funds. Such restrictions may belimit the types of payments that may be made at the time of withdrawal,or may place restrictions on how the funds are paid when the payment ismade to multiple recipients. For example, the sender may designate thatthe funds must be paid out to a debit card, stored value card, phonecard, gas card, or the like. Further, the sender may place restrictionson how much of the transferred funds may be withdrawn from the systemover time, e.g., the recipient may withdraw no more than $50 per weekuntil the money has all been withdrawn. For multiple recipients, thesender may place restrictions, such as the amount that each of therecipients is entitled to withdraw, or may require that some or all ofthe recipients must be present when making the withdrawal.Alternatively, any of the recipients may withdraw any of the amount atany time.

[0122] Referring to FIG. 8, one embodiment for placing such restrictionswill be described. As shown in step 550, the sender initially inputsvalue into the system using any of the techniques described herein. Thesender may then be prompted as to whether the sender wishes to send thefunds to multiple recipients as shown in step 560. If so, the processproceeds to step 570 where the sender may designate multiple recipientsthat may withdraw the funds from the system. The sender may also beasked whether the sender wishes to place restrictions on the withdrawalsas shown in step 580. If so, the process proceeds to step 590 where thesender inputs any desired restrictions. Such restrictions mayconveniently be selected from a menu displayed to the sender or verballyrecited using an IVR system. These restrictions are stored by the hostcomputer system as shown in step 600, and the process ends at step 610.When an intended recipient accesses the system to withdraw funds, thewithdrawal may be restricted based on the limitations set by the sender.For example, the sender may require that all recipients be presentbefore funds may be withdrawn. If only one of the recipients tries towithdraw the funds from a money transfer location, the clerk willreceive a message that all recipients must be present and may declinepayment of the funds. As another example, the limitation may be that thefunds be placed on a phone card. If the recipient requests cash at amoney transfer location, the request may be denied, and the recipient beprovided with the phone card.

[0123] Many individuals, small entities or business, or the like mayhave a periodic or short term need to receive multiple payments or moneytransfers. However, because of such limited use, such individual orentities may not wish to set up a commercial account with a traditionalmoney transfer service, and the cost of doing so may be costprohibitive. The systems of the invention may accommodate such a need bypermitting such individuals or entities to use the money transfer systemwith certain restrictions. For example, the accounts may be limited bytime, amount transferred, the number or transfers, or the like, alone orin combination. Further, such accounts may be certain performancerequirements, such as transactions minimums.

[0124] As one example, an individual may have 15 items to auction offover the internet. The individual will only accept guaranteed funds. Theitems may be those that are particularly appealing to cash customers, sothe individual needs a cash settlement method. Further, the individualneeds to insure that the fees for such a service are economicallyviable. By establishing a special relationship with the money transfersystems of the invention with certain restrictions, such as for no morethan 15 transactions over a certain time period, the seller is able tooffer a cash settlement method to potential buyers. Further, the fundsmay be deposited directly into the seller's account with a reasonablefee.

[0125] Such a method may be used for internet auctions, fundraisers,situations involving a limited number of purchases, such as classifieds,and the like. Further, such a method may be implemented using theinternet, by a faxed applications, by a phone call, or by any of thetechniques described herein.

[0126] Referring now to FIG. 9, one method for paying for goods orservices in such a manner will be described. At step 650, accountinformation on a payee may be entered into a money transfer system. Themoney transfer system may be any of those described herein, and theinformation may be entered electronically, such as over the internet, byfax, by a phone call, or the like. This information may include the nameof the payee, the payee's preferred method of payment, such as a directdeposit into an account of the payee, and the like. Further, the payeeagrees to place one or more restrictions on transfers into the accountfrom one or more payors as shown in step 660. This information may thenbe stored using the money transfer system. Such restrictions may be theamount of the transfers, the number of transfers, the time during whichtransfers may be made, and the like.

[0127] Once the relationship is established, cash payments may be madeat a money transfer location from payor for good or services offeredfrom payee as shown in step 670. In this way, good funds are ensured bycollecting cash for the payment. When payment is made a recordindicating that a cash payment has been made may be transferred to thepayee using the money transfer system as shown in step 680. Thisnotification may conveniently be sent electronically, such as by ane-mail. Further, funds may be transferred to the account of the payeefor the payment. As such, the payee or seller is able to receive goodfunds for each of the purchases. As shown in step 690, the seller mayship the goods or provide the services offered by the seller.

[0128] The ensuing description provides preferred exemplaryembodiment(s) only, and is not intended to limit the scope,applicability or configuration of the invention. Rather, the ensuingdescription of the preferred exemplary embodiment(s) will provide thoseskilled in the art with an enabling description for implementing apreferred exemplary embodiment of the invention. It being understoodthat various changes may be made in the function and arrangement ofelements without departing from the spirit and scope of the invention asset forth in the appended claims.

What is claimed is:
 1. A method for transferring money to a locationhaving a different currency, the method comprising: receiving andstoring at a host computer system money transfer information comprisingrecipient identification information, at least one country where themoney is to be received, and a payment amount in an originatingcurrency; receiving at the host computer system a request to withdraw aportion of the payment amount in a local currency from the country wherethe request was transmitted; and storing a record at the host computersystem of the amount withdrawn and an exchange rate used to convert thepayment to the local currency.
 2. A method as in claim 1, furthercomprising storing at the host computer system a record of any feescharged on the amount withdrawn.
 3. A method as in claim 1, wherein therecipient information comprises the recipient's name and anidentification number, and wherein the request includes anidentification number from the recipient, and further comprisingcomparing the identification numbers to authorize the withdrawal.
 4. Amethod as in claim 1, wherein the request includes the name of a sender,and wherein the sender and the recipient are the same.
 5. A method as inclaim 1, further comprising transmitting from the host computer systemto a remote payout computer receipt information needed to provide areceipt to the recipient.
 6. A method as in claim 5, wherein the receiptinformation comprises an amount paid to the recipient, any fees, and aremaining balance of the payment amount.
 7. A method as in claim 1,further comprising receiving and storing at the host computer systemmultiple countries where the money may be received.
 8. A method fortransferring money to a location having a different currency, the methodcomprising: entering into a remote computer money transfer informationfrom a sender, wherein the money transfer information comprisesrecipient identification information, at least one country where themoney is to be received, and a payment amount in an originatingcurrency; transmitting from the remote computer to a host computersystem the money transfer information; and providing a receipt to thesender that includes at least some of the money transfer information andpayout information that may be used to identify potential payoutlocations in the identified country.
 9. A method as in claim 8, whereinthe recipient information comprises the recipient's name and anidentification number that is usable to receive a payout from theidentified country.
 10. A method for receiving money at a locationhaving a currency different from a sending currency, the methodcomprising: entering into a payout computer recipient identificationinformation along with a request to withdraw a portion of a possiblepayment amount; transmitting the recipient identification informationand the request to withdraw to a host computer system; manuallypresenting the requested withdrawal to the recipient in a localcurrency.
 11. A method as in claim 10, further comprising receiving atthe payout computer a confirmation of the recipient identificationinformation.
 12. A method as in claim 10, further comprising receivingat the payout computer information on a currency exchange rate, any feescharged and any remaining balance of the payment amount.
 13. A method asin claim 10, further comprising displaying at the payout computerinformation prompting the entry of the recipient identificationinformation.
 14. A method for transferring money to a location having adifferent currency, the method comprising: entering into a remotecomputer money transfer information from a sender, wherein the moneytransfer information comprises recipient identification information, atleast one country where the money is to be received, and a paymentamount in an originating currency; transmitting the money transferinformation to a host computer system; entering into a payout computerthat is located in the designated country recipient identificationinformation along with a request to withdraw a portion of a possiblepayment amount; transmitting the recipient identification informationand the request to withdraw to a host computer system; and providing therequested withdrawal to the recipient in the local currency.
 15. Amethod as in claim 14, further comprising adjusting an accountassociated with the recipient to indicated the amount of withdrawalalong with any fees.
 16. A money transfer system comprising: a hostcomputer system that is configured to receive and store money transferinformation comprising recipient identification information, at leastone country where the money is to be received, and a payment amount inan originating currency; and wherein the host computer system is furtherconfigured to receive a request to withdraw a portion of the paymentamount in a local currency from the country where the request wastransmitted, to deduct the requested portion from the payment amountalong with any fees, and to convert the requested portion to the localcurrency.
 17. A system as in claim 16, wherein the host computer systemis further configured to receive recipient identification informationfrom the recipient and to compare the received recipient identificationinformation with the stored recipient identification information.
 18. Asystem as in claim 16, wherein the host computer system is furtherconfigured to transmit to a remote payout computer receipt informationneeded to provide a receipt to the recipient indicating the withdrawal.19. A system as in claim 16, wherein the host computer system is furtherconfigured to transmit to a remote payment computer contact informationfor contacting payout locations in the designated country.